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Report: South African state pension fund CEO faces suspension over investments

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Report: South African state pension fund CEO faces suspension over investments

Dan Matjila, the CEO of South African state pension fund Public Investment Corp. (SOC) Ltd., is facing possible suspension as his role in several controversial investments is being probed, three sources with knowledge of the matter told Bloomberg News.

The sources said the investigation will see whether Matjila followed proper procedures when the pension fund spent 4.3 billion South African rand in an IPO of Ayo Technology Solutions Ltd in 2017, Bloomberg wrote May 30. It will also cover the chief executive's role in investments in failed lender VBS Mutual Bank and in Resilient REIT Ltd., which is being investigated for alleged insider trading, share price manipulation and misleading reporting, the sources added.

Speaking to reporters in Cape Town, Matjila denied facing suspension, Reuters wrote May 31.

"We are producing the results for our clients and most importantly our clients are happy," he added. The country's National Treasury also backed Matjila, saying in an emailed statement to Reuters that it "has faith" in his leadership.

As of May 31, US$1 was equivalent to 12.69 South African rand.